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3. Mastercard® Gold Card™: Stylish, but lacking in substance

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13

reviews

3.1

Rating: 3.1 out of 5.

Great for making a statement

Annual Fee: $995; $295 for each additional user

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Mastercard® Gold Card™ or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $16,299, with $30,000 being the most common.

Here’s the average credit score of members who matched their Mastercard® Gold Card™ or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 710, with 760 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

25.3%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

41 years

Average age of members who matched this card or similar cards.

$105,730

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Redemption rates of 2% for airfare and cash back

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$200 annual airline credit toward qualified purchases

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Flashy 24k-gold card

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Huge annual fee

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To get the 2% redemption value for airfare, travel must be booked through myluxurycard.com or by calling the card’s customer service

What you need to know about the Mastercard® Gold Card™

At a glance, there’s a lot to like about the benefits package that comes with the Mastercard® Gold Card™. In addition to a flashy gold-plated credit card, here’s what you’ll get.

Rewards

The Mastercard® Gold Card™ offers a points-based rewards program. You’ll earn one point for every $1 spent on purchases. You can redeem your points at a rate of 2% for airfare and cash back.

Travel benefits

Mastercard® Gold Card™ members receive a $200 annual airline credit toward qualified purchases, including upgrades and baggage fees.

There’s also a $120 statement credit to offset the application fee for the Global Entry program. Global Entry allows expedited arrival into the United States from international destinations, and members can also participate in TSA PreCheck for faster domestic security screening.

If you plan on traveling overseas, you’ll also benefit from no foreign transaction fees — a standard feature of travel credit cards at this level.

Luxury perks

The Mastercard® Gold Card™ comes with a 24/7 concierge service, plus access to a members-only luxury magazine.

What else you need to know about the Mastercard® Gold Card™

Despite the attractive luxury and travel benefits of this card, you should think hard about whether you can stomach its less-compelling attributes.

• Extremely high annual fee — If you think the Platinum Card® from American Express  has a hefty price tag at $695, you’ll likely need a glass of water when you see this gold card’s annual fee: $995; $295 for each additional user. Hey, nobody said luxury comes cheap.
• Lifetime costs — Not to keep harping on the same aspect of this card, but that annual fee warrants further examination. Let’s say you add an additional authorized user at $295 per year. The total annual fee, for you plus your second user, jumps to $1,290. Multiply that by, say, five years, and you’ll have spent $6,450 to keep this card in your wallet.
• No sign-up bonus — Many travel credit cards come with huge sign-up bonuses that help you build a cushion of points from the get-go. Not this one.

Is the Mastercard® Gold Card™ really worth it?

It’s important to do a costs vs. benefits comparison when you’re thinking about applying for a new credit card. That’s especially true of a luxury card with a high annual fee.

You may get the most value out of the card’s 2% redemption rate for cash back or airfare. But to recoup the full cost of the annual fee, you’d have to charge nearly $50,000 per year to your card, then redeem all your points from those purchases for cash back or airfare.

If you’re thinking of getting a premium card like Mastercard® Gold Card™, consider how many benefits and perks you’ll actually use — and whether they make up for the cost of the annual fee.

An example of a benefit you may or may not use is the $120 Global Entry application fee credit.

If you use your Mastercard® Gold Card™ to pay the $120 application fee, you’ll get a credit on your card statement two to three weeks later for the full amount of the fee. But if you don’t apply for the program, this benefit won’t have any value for you.

Not sure this is the metal card for you? Consider these alternatives.

• Platinum Card® from American Express:
This card is good for frequent travelers who fly and take Uber rides.
• Mastercard® Black Card™:
This card is good for people who want a more understated status symbol with some great travel benefits.
• Chase Sapphire Reserve®:
This card is good for people who eat out a lot and want to maximize their travel rewards.